Rick,
If your compressor governor is defective, your air pressure would not be at 120 PSI. A defective governor will normally prevent the compressor from building air pressure above 30 or 40 PSI. The most likely cause of your problem is either ride height valves or linkage, but loosing all three valves at the same time is very rare, or rodent damage where air lines or wiring is chewed up.
Gerald